Market Report

Reuge unveils the mechanical music and singing birds during BaselWorld 2014

Reuge is the worldwide reference for mechanical music and singing birds. Reuge more than confirms its identity and entitlement to a successful future in the mechanical music and singing birds. During BaselWorld 2014 Reuge showcased its latest creation of music boxes along with a 40 day power reserve clock with 12 different melodies that is worthy of the Museum of Modern art made in exciting collaboration with the prestigious company L’Epée. Out of a mysterious box a singing bird appears and disappears perplexingly after he has pleased observers with his song and movement.

Market News

Abu Dhabi hotel revenues rise by 10% so far in 2014

Abu Dhabi’s hotels and hotel apartments saw a 33 percent jump in guests last month compared to February 2013 with occupancy reaching 81 percent. Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) said that 262,193 guests checked into the emirate’s accommodation during February, delivering a 21 percent month-on-month rise in guest nights to 815,718. February’s performance continued the growth seen so far in Abu Dhabi in 2014. In the first two months of the year, the emirate received 539,163 hotel guests, up 35 percent. Year-to-date occupancy levels have risen by 7 percent to 79 percent while hotel revenues have increased by 10 percent to AED1.026 billion ($279.4 million). However, average room rates over the period dropped 9 percent to AED458.

Movado's net income declined by 11%

Movado Group's net sales increased 7% year on year to $132.3 million for the fourth quarter that ended on January 31, as measured by generally accepted accounting principles (GAAP). Cost of sales rose 3.4% to $63 million. Net income attributed to the Movado Group fell 9.2% year on year to $7.2 million or 28 cents per share. Net income for the group fell 10.9% to $50.9 million or $1.97 per share.

Dubai Duty Free sales increased up by 10% during the first quarter of 2014

Dubai Duty Free (DDF) recorded Dh1.75 billion in sales during the first quarter of this year, marking a 10 per cent increase over the corresponding period last year. Sales were up across all three terminals, with a 23 per cent rise in Terminal 2 and an 11 per cent growth in Terminal 3, which accounts for 62 per cent of the retailer’s total turnover. Perfume, beverages and gold were the top selling categories during the first quarter, followed by cosmetics, handbags and small leather products, and “gifts from Dubai”. Sales of perfume grew by 16 per cent to Dh286.4 million, while sales of cosmetics reached Dh141.3 million (up 30 per cent), handbags and small leather products touched Dh25 million (up 62 per cent) and “gifts from Dubai” reached Dh33 million (up 9 per cent).

Tiffany & Co.'s profit slipped 56%

Tiffany & Co.'s worldwide sales rose 5% year on year to $1.298 billion and same-store sales improved 2% for the fourth quarter that ended on January 31. The retailer's cost of sales increased 1.6% to $513 million; however, Tiffany & Co. recorded an arbitration expense of $480 million with Swatch, which led to reporting a quarterly loss of $104 million compared with earnings of $180 million one year ago.

Jaeger-LeCoultre Master Compressor Extreme World Chronograph

A patented shock absorber system protects this self-winding chronograph movement from vibrations and shocks, even under the most extreme conditions of use. This innovative watch boasts immediate display of the time in the 24 time zones and an ingenious quick strap change, so you can switch from rubber strap to leather in an instant.

Company News

Audemars Piguet & Nick Faldo welcome four new golf ambassadors

Sir Nick Faldo announces the golfers Henrik Stenson (Sweden), Victor Dubuisson (France), Kiradech Aphibarnrat (Thailand) and Peter Uihlein (USA) joined the famous Audemars Piguet golf team. This team, which is made up of exceptional golfers who dominate their discipline, epitomises the manufacture’s philosophy: "To break the rules, you must first master them". These players are joining the Audemars Piguet golf ambassadors Dream Team they will sport one of the six new Royal Oak Offshore watches.

Jaeger-LeCoultre celebrates the return of British Polo Day in Abu Dhabi

The British Polo Day 2014 series began in style at Abu Dhabi’s Ghantoot Racing & Polo Club, the private royal club of His Highness Sheikh Falah Bin Zayed Al Nahyan.  This UAE tour of some of Britain’s best young players and polo enthusiasts culminates in the spectacular British Polo Day Dubai last week at the Dubai Polo & Equestrian Club. British Polo Day Abu Dhabi once again proved to be a very glamorous affair, with His Highness Sheikh Shakhboot bin Nahyan al Nahyan and British Ambassador Dominic Jermey with world-class polo players entertaining a crowd of noted VIPs, including the Jaeger-LeCoultre’s Friend of the Brand Marchioness of Milford Haven, world renowned artist Sacha Jafri and Help for Heroes Founder Bryn Parry.

SAINT HONORE unveils Euphoria One Carat timepiece

SAINT HONORE reveals the Euphoria One Carat timepiece, its bold geometric design marries a cushion-shaped case with a round dial, combined with particularly intricate bracelet attachments, giving the Euphoria One Carat a unique look. Embellished with a Crown adorned with a black onyx, an exclusive setting of 172 diamonds gives this intensely feminine watch an incomparable brilliance, making it a glamorous and luxurious evening accessory.

Product Launch

Arnold & Son Unveils the Instrument Collection – CTB chronograph

Arnold & Son reveals the World’s First True Beat Seconds and Chronograph Wristwatch: the Instrument CTB. Each movement is NAC grey treated and meticulously completed in Haute Horlogerie finishing with hand-chamfered bridges with polished edges, fine circular graining and Côtes de Genève rayonnantes, brushed and skeletonised rotor, and screws with bevelled and mirror-polished heads. The stainless steel timepiece is offered with a light-grey and silvery opaline dial. The case is in stainless steel, cambered sapphire with anti-reflective coating on both sides. The strap - Hand-stitched black or brown alligator leather.

Charriol presents St-Tropez timepieces

Charriol reveals St-Tropez collections Sun, Seashell & Flowers that embody the spirit of carefree Mediterranean living. The St-Tropez timepiece with its cable bracelet and delicate adjustable chain is a signature collection for Charriol. A decorative feature is seen on the dial, which is embellished with an engraved guilloche shell pattern and set with three cz counters.

deLaCour reveals the Promess Vitrail watch

The Promess Vitrail combines beauty and fantasy, like a stain glass window, this timepiece allows the surrounding light to freely influence the luster of the dial. Designed to enhance the fluidity of its shape, this new watch is presented in a round pink gold case; set from the bezel to the tip of its horns. Each flower shown on the dial consists of four pear-shaped diamonds.

Mouawad presents the Grande Ellipse chronograph

The new steel bracelet of these chronographs accentuates still further the collection’s masculine character. Easy to wear and a perfect match for the wrist, this bracelet stands out by its alternating satin-brushed and polished finishing. Comprising different link widths and a butterfly folding clasp, it matches the case of the Grande Ellipse to perfection and offers optimal comfort. Interchangeable with leather and rubber versions, this bracelet gives the Grande Ellipse chronograph a very contemporary look. 

Exhibitions & Events

The 42nd Baselworld ends with a positive mood for Swiss Exhibitors

The 42nd Baselworld ends with a positive mood for Swiss watchmaking, encouraged by a cumulative increase in exports of 6.8% in January and February, compared with 2013 when exports still posted 1.9% growth. The watches unveiled this year presented numerous innovations, both in functions and design. Women took a front seat with more timepieces imagined especially with them in mind. Mechanical or quartz, they continue to combine Swiss excellence with the ultimate in refined elegance. The watches on show were also characteristic of a trend among prestige brands to include affordable styles in their collections that will appeal to emerging markets' fast-growing middle and upper classes.

Antiquorum to present its auction of “Important Modern & Vintage Timepieces”

Antiquorum Auctioneers is to present its April 9th auction of “Important Modern & Vintage Timepieces” to be held at Antiquorum’s US headquarters on Madison Avenue in New York. Collectors can look forward to bidding on 302 collectible timepieces underscored by sought-after examples from Patek Philippe and Rolex as well as some exciting pieces with a special connection to Hollywood and the magical world of film. Previews will be held in Hong Kong and New York.

GJEPC Holds Future Trends 2014 Seminar in Mumbai

The Gem and Jewellery Export Promotion Council (GJEPC) held an extensive two-day seminar and panel discussions on Future Trends 2014 aimed at educating members and students of the gem and jewellery industry on the prevailing trends in Europe, USA and India. The major part of the seminar was conducted by world renowned jewellery trend forecaster, Paola de Luca, creative director of Trendvision Jewellery + Forecasting, while informative presentations were made by leading Indian jewellery designers and design houses.

Sotheby's, Arts of Islamic World to be held on April 9th 2014

Sotheby’s Arts of the Islamic World sale will bring to the market an exquisite selection of paintings, manuscripts, textiles, ceramics, weaponry and rugs. Spanning over 1000 years, these objects offer a remarkable testimony to the astonishing scope of artistic production in the lands under Islamic patronage from Spain to China. Among the 237 objects to go under the hammer, highlights include a life-size portrait of Persian ruler Fath ‘Ali Shah, an important Iznik pottery tile depicting the Ka’ba, and an eleventh-century rock crystal chess piece. 

Be constantly updated on the latest Watch & Jewellery Business markets of the Middle East, as well as information on competitors, promotions, product trends, industry analyses, appointments, new product introductions & developments and market research.

Our weekly 'Arabian Watches & Jewellery Business Newsletter Broadcast' is distributed to over 22,000+ industry executives, Watch & Jewellery manufacturers and distributors, retailers, investors and media consultants globally.

Unsubscribe / Submission of News / Open Forum / Obtaining our news distribution / Confidentiality Important Copyright Notice / Disclaimer

Developed by We Do Web